• Jennifer Smith

043 | GST - Last Step: Reporting & Filing

Updated: Nov 10, 2021

In our post last week, we provided the information on how to record your transactions for #GST. Now in our last step, we'll run through reports and filing your taxes.

In your Cloud Accounting software, there is a section/module for Taxes. This should have been setup already in previous steps.

When you run a report for the correct filing period, double check your revenue and most importantly, your Input Tax Credits (ITC's). Hundreds of dollars are missed each reporting period in ITC's that you could collect, merely because transactions are not recorded properly. If this number seems incorrect to you, have your accounts been reconciled?

Once the numbers are solid, run your reports and file through your MyCRA Business Account or GST Netfile.

Don't miss the deadline! Tick tock!

And as always, we are here to help! Contact us with your questions.

#bigrose #bookkeeping #entrepreneur #GST #smallbusiness


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